Favorable international scenario

BRAZIL ECONOMICS - Report 29 Jan 2018 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

The causes of Brazil’s fiscal crisis and weak economic growth are exclusively domestic. Only structural reforms can avoid further unsustainable growth of the public debt and maintain the rising confidence and low real interest rates. While waiting for these reforms, however, the Brazilian economy continues to benefit from the favorable impulse coming from the international economy. This is the upside of the external scenario. The downside, however, is that it reinforces a lenient attitude in Congress regarding the need for reforms: Why pay a high political cost of eminently unpopular reforms if the Brazilian economy is already recovering?

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